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Fuel Prices Surge in Pakistan as Petrol Costs Increase by Rs7.45 per Litre

Fuel Prices

The government of Pakistan has announced a significant increase in petrol and high-speed diesel prices, effective for the next fortnight.

According to the Finance Division’s official notification, petrol prices have been raised by Rs7.45 per litre, reaching Rs265.61 per litre from the previous Rs258.16 per litre. Similarly, the price of high-speed diesel (HSD) has surged by Rs9.56 per litre, now standing at Rs277 per litre, up from Rs267.89 per litre.

These adjustments reflect changes in international oil markets, as assessed by the Oil and Gas Regulatory Authority (OGRA).

The Finance Division emphasized that these price revisions are based on recent trends in global oil prices, which have shown an upward trajectory over the past fortnight.

These revisions mark the first change in fuel prices since the announcement of the federal budget for the fiscal year 2024-25 earlier in June. The government clarified that there will be no alterations in taxes and duties, maintaining them at current levels as outlined in the budget.

In the budget, the government had initially proposed an increase in the petroleum development levy (PDL) by Rs10 per litre, raising it from Rs60 to Rs70.

However, Finance Minister Muhammad Aurangzeb clarified that this increase in PDL would not take immediate effect, thereby retaining the levy at its previous rate during this latest review of fuel prices.

Earlier adjustments had seen a cumulative reduction of Rs35 per litre in petrol prices over the course of the last four fortnightly reviews.

This recent increase partially offsets those reductions, reflecting the ongoing volatility in global oil markets and its impact on domestic fuel prices.

The adjustment in fuel prices comes amidst broader concerns over inflation and economic stability, with the government navigating between fiscal responsibilities and public affordability.

The decision to maintain taxes at current levels aims to stabilize revenues while managing the impact on consumer costs in an inflationary environment.

The Finance Division’s notification reiterated the government’s commitment to regular monitoring of fuel prices to ensure they align with international market dynamics, while also balancing the interests of consumers and the national economy.

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